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Soaring prices dull Akshaya Tritiya festival lure in India
High domestic gold prices restrained physical gold demand across Asian regions this week, prompting Indian dealers to offer discounts of $16 per ounce at 20% below normal rates. The Akshaya Tritiya— the second-biggest gold-buying festival— is not expected to offer much respite either. While some activity is forecast in Hong Kong during the May 1-3 break, China experienced small premiums of $1-$6 per ounce, compared to $40 per ounce last month. Singapore's market charged $1.20-$2.20 above international benchmark spot rates, while Indian gold prices reached 60,072 Indian Rupees per 10 grams.